ORLANDO, FL – September 15, 2010 - Liberty Property Trust (NYSE:LRY) today announced that it has purchased a 713,585 square foot warehouse distribution facility for a total investment of $23.6 million, bringing the company’s Orlando portfolio to more than 4.5 million square feet of space.
The newly acquired warehouse facility is 100% leased to a high-credit tenant, and is located at 8201 Chancellor Drive in the South Orlando industrial submarket. “This property’s position on Chancellor Drive just may be the most desirable, strategic location for distributing product to the entire Florida market,” commented Liberty senior vice president, Stephen Whitley.
David Murphy of CBRE in Orlando (along with the CBRE Atlanta Investment Sales Team of Frank Fallon, Chris Riley and Brian Budnick) represented Pacific Life in the sale of the distribution facility.
Liberty owns, manages and leases a total of 35 buildings providing office and industrial space to approximately 90 tenants in the greater Orlando area.
About Liberty Property Trust
Liberty Property Trust owns and manages more than 4.5 million square feet of office and industrial space in Orlando. The company is headquartered in Malvern, PA and is dedicated to enhancing people’s lives through extraordinary work environments. The real estate investment trust (REIT) serves customers in the United States and United Kingdom through the development, acquisition, ownership and management of superior office and industrial properties. Liberty's 78 million square foot portfolio offers exceptional locations and flexible design to more than 2,000 tenants at 700 office, distribution and light manufacturing facilities. The company is a leader in the development of high performance green buildings. For more information please visit www.libertyproperty.com.
FOR IMMEDIATE RELEASE
General Inquiries: Stephen Whitley, Liberty Property Trust, 407/447-1776
Media Contact: Margo Hunt Winans, a.s.a.p.r., 757/404-8653